The 2015 All-Europe Research Team: Retailing/General, No. 2: Alexander (Warwick) Okines & team
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The 2015 All-Europe Research Team: Retailing/General, No. 2: Alexander (Warwick) Okines & team

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Up one position to second place is the Deutsche Bank pair under the guidance of Alexander (Warwick) Okines.

< The 2015 All-Europe Research Team

2015-03-tom-johnson-all-europe-research-team-alexander-warwick-okines.jpg

Alexander (Warwick) Okines & team

Deutsche Bank

First-place appearances: 7


Total appearances: 20


Team debut: 1996


Up one position to second place is the Deutsche Bank pair under the guidance of Alexander (Warwick) Okines. As last year, Okines also co-leads, with Francesca DiPasquantonio, a team that earns a runner-up position in Luxury Goods. Covering 21 European general retailing shares from London, Okines and his teammate are broadly upbeat on their sector, though they sound a note of caution. “We have a positive stance for 2015 but see risks from interest rates and elections,” says the 36-year-old researcher. “Hence our top ideas focus on stocks with self-help opportunities and where the three main challenges of retail — online, discounters and excess store space — are less acute.” They especially like Luxembourg-based discount retailer B&M European Value Retail. Foreseeing double-digit sales growth driven by expansion in the U.K. and overseas, in September they raised their rating on the stock from neutral to buy, at €245.65. B&M’s “business model can exploit cheap plentiful real estate opportunities, recovering disposable income,” explains Okines, “and commands a significant price gap against its peers.” After slipping to €234.35 in October, the stock found its footing and by the end of January had climbed to €315.75, for a gain of 28.5 percent since their upgrade that bested the sector by 17.5 percentage points.



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